Island Credit Solution and CIC Utilise AI to Improve Credit Scoring

Island Credit Solution, Inc. has officially entered the Philippine credit landscape as the newest credit bureau, accredited by the state-owned Credit Information Corporation (CIC).

The strategic partnership will revolutionise the country’s credit risk assessment system. It will do so by making credit data more accessible, reliable, and technology-driven, utilising AI-powered analytics.

Island Credit Solution will offer a suite of ready-to-use analytics tools. These tools will integrate alternative data sources such as telecom usage, e-commerce activity, and digital transactions, alongside traditional financial records.

The partnership will deliver deeper credit insights. Such insights will directly benefit banks, fintech lenders, and, critically, MSMEs and rural banks, which face significant credit access challenges.

The “PhilScore” system creates unique and accessible credit profiles for every Filipino. As a result, individuals build their financial standing, and lenders make more informed decisions.

“Our goal is to bridge the gap between financial institutions and borrowers, particularly those who have been underserved or unbanked,” said Hongcheng (Steven) Zhou, Deputy CEO of Island Credit Solution.

The company’s agile, SaaS-based solution addresses issues such as data fragmentation and outdated risk models. This allows for seamless integration of advanced credit analytics.

The CIC, under President and CEO Ben Baltazar, emphasises the need for more market players to expand credit access nationwide.

“We need innovative players to help expand access to credit,” Baltazar stated, highlighting the significant potential for growth in credit report adoption.

He noted that fintech-focused Special Accessing Entities (SAEs) like Island Credit Solution bring specialised expertise in credit analysis and data processing.

Island Credit Solution provides customisable credit scoring models and empowers consumers with financial education and direct credit score access. They achieve this through AI-driven, real-time, data-backed risk assessments.

They are also exploring broader applications, such as using credit scores in the hospitality industry to replace security deposits.

Committed to reaching rural areas and supporting Overseas Filipino Workers (OFWs) through international collaborations, Island Credit Solution aims to transform financial inclusion in the Philippines.

Source: Fintech News Philippines